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An escrow is: 

an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually-agreed conditions by the transacting parties

or

an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction 

or

a trust account held in the borrower’s name to pay obligations such as property taxes and insurance premiums

A typical escrow involves five primary parties: a buyer, seller, lender, borrower and escrow officer.
During the escrow process, the escrow officer will carry out instructions dictated by the parties. These steps can include any of the following:

• Prepare escrow instructions
• Request title search
• Request demands and/or beneficiary statements
• Accept new loan instructions and documents
• Accept fire insurance policies and complete settlement
• Request closing funds
• Audit file in preparation for closing
• Order recording
• Disburse funds and finalize instructions

Escrow typically lasts between 30 – 45 days. This is dependent on many factors, but most importantly the prompt collection of critical documents and timely processing from all parties involved.

Escrow begins when a seller accepts a buyer’s offer and an escrow agent or company is selected. The escrow officer must inform the real estate agent and clients about key steps during escrow—especially steps that require client involvement. Remember, the most important factor for a timely escrow is the swift collection and processing of critical documents, so prepare them as soon as possible.

Closing day consists of disbursing funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name. Once all the papers are signed, you’ve secured your mortgage and the closing is officially complete. Be sure to store all of the documents you received during the closing in a safe place.